I have an 89 Formula 223LS with a stock 7.4. Before I put her away for the winter I took the exhaust manifolds and risers off, cleaned them up then put them back on with new gaskets. I also changed the spark plugs and wires. (the wires are all on the correct cylinder I checkd about 15 times) When I got her out for the winter I changed the oil and filter. (Mobil 1) There was no metal on the drain plug. When I started her up I could hear a ticking sound coming from starboard side of the motor. It is not really loud and most people probably wouldn't even recognize it. I have listened to that motor long enough to know something is not quite right. I am debating on whether to take it out the first time and run it easy. Maybe it is just a valve sticking or something like that. Would a compression test help me diagnose this problem? Any suggestions or advice on what to do next?

if its not a bomb it is probably your mechanical fuel pump.. been there. good luck.

remove the belts and run the engine and see if the noise is still there,dont run it too long because the water pump wont be turning.
Its possible the fuel pump or alternator is making the noise.
if the problem is in the engine the next step is to determine if
the noise is cam shaft speed or crank shaft speed.
if its cam speed you might have a loose rocker or a sticky lifter.
if its crankshaft speed it would be internal
good luck

Lose exhaust manifold bolts and/or a leaking exhaust manifold gasket will give you a 'ticking' noise. This was discussed a few times on this site in the last year or so.

you can diagnose a sticky valve with a vacuum gage ,the needle on the gage at idle should stay still if its bouncing alot then you might have a valve issue,

I just want to add as much info as possible. I don't know exactly how to describe the sound...it might be more like a knock than a tick. I also can hear the sound louder if I put my head below the starboard exhaust manifold.

Piston slapping?

Exhaust leak. Did you get ALL the old exhaust gasket off the head AND the manifold??
I've also heard fuel pumps "tick" at idle if the return spring is weak. But this goes away with an increase in rpms.

Yup, Lmarth is all over this one!! Lets think about what's different during this start-up compared to last time the boat was run,,,,,,,,,,,,,,,, replaced exhaust gaskets.

Like Lmarth said, a slight leak in the exhaust fit-up to the engine will result in a "ticking" noise that sounds just like a lifter.

Either the exhaust needs to be tightened up a bit or the gasket got frigged on the way in.

If it was not "ticking" before you took the manifolds off its probably an exhaust gasket. How many hours on the engine?